Singapore Law Watch’s Post

𝘙𝘦 𝘖𝘤𝘦𝘢𝘯 𝘛𝘢𝘯𝘬𝘦𝘳𝘴 (𝘗𝘵𝘦) 𝘓𝘵𝘥 (𝘪𝘯 𝘭𝘪𝘲𝘶𝘪𝘥𝘢𝘵𝘪𝘰𝘯) [2023] SGHC 330 The Singapore High Court recently ruled on issues relating to the assignability of claims, coverage of non-assignment clause and insolvency set-off. Our Partners Kai Zee Liew (Head of Banking & Finance) and David Lee (Partner), discuss more in this client update. Please click on the image to read the article. You may also visit us @ Website | www.shooklin.com #ShookLinBokLLP #shooklinboksingapore #Legal #legalservices #lawfirms #lawfirmssingapore #SLBpublications

Cross-border insolvency is a complex legal situation that arises when a company undergoing insolvency proceedings has assets, creditors, or operations in multiple jurisdictions. In the globalized business environment, this situation has become increasingly common, necessitating a harmonized and efficient framework to address the challenges associated with it. In this recently published column, "𝗡𝗮𝘃𝗶𝗴𝗮𝘁𝗶𝗻𝗴 𝗖𝗿𝗼𝘀𝘀 𝗕𝗼𝗿𝗱𝗲𝗿 𝗜𝗻𝘀𝗼𝗹𝘃𝗲𝗻𝗰𝘆 𝗜𝗻 𝗜𝗻𝗱𝗶𝗮: 𝗔𝗻 𝗔𝗻𝗮𝗹𝘆𝘀𝗶𝘀 𝗢𝗳 𝗟𝗲𝗴𝗮𝗹 𝗣𝗿𝗲𝗰𝗲𝗱𝗲𝗻𝘁𝘀" in BW Legal World, Shailesh Poria, Partner, Dhruvee Patel, Associate & Shubhangi Khandelwal, Associate, Economic Laws Practice (ELP), sheds light on the legal maelstrom that is cross border insolvency, and delve into the intricacies of it by analyzing existing precedent and identifying the lacunae in the law to provide a comprehensive understanding of the legal landscape. The article is accessible here: https://lnkd.in/ddU_qrcR #ELPinsights #insolvency #legal #precedents #india #crossborder

CBFL BLOG UPDATE | Blog Post #151   The one hundred and fifty-first article titled “Navigating Cross-border Insolvency: Unravelling the COMI Conundrum" authored by Hrishikesh Goswami and Aryan Soni is now up! This blog extensively explores the intricate realm of cross-border insolvency, focusing on the complex concept of the “Centre of Main Interest” (COMI). This scenario arises when financially distressed entities operate globally, dispersing assets and liabilities across various jurisdictions. It sheds light on the significance of the UNCITRAL Model Law on Cross Border Insolvency, devised by the UN, which introduces the COMI concept to differentiate between ‘main and non-main insolvency proceedings’, facilitating streamlined management of insolvency processes. However, the lack of clarity surrounding the exact definition of COMI gives rise to diverse interpretations. Read more at: https://lnkd.in/g5j_R9Zm #law #legal #insolvency #crossborder #UNCITRAL #COMI

We are very honoured to have been named Restructuring & Insolvency Law Firm of the Year at the Asian Legal Business (ALB) SE Asia Law Awards 2024. On behalf of our Restructuring & Insolvency (R&I) team, we would like to extend our deepest gratitude to our clients for their unwavering confidence and support throughout the years. We are also grateful to everyone in R&T for their dedication and commitment – this is a team effort! With one of the largest dedicated R&I practices in Asia, the team has been at the forefront of almost all the major banking and financing disputes, corporate insolvencies and rescues, workouts and debt restructurings, and enforcement of creditors’ rights. We are proud to be ranked as the top Asian firm globally by the Global Restructuring Review 30 (GRR 30) and consistently ranked Band 1 in Chambers and Partners Asia Pacific, which affirms our strong market presence and leadership in the R&I space in Singapore and the region. Learn more about our R&I practice: https://lnkd.in/g-9wjDkk Kwan Kiat Sim #AsianLegalBusiness #ALB #ALBSEAsiaLawAwards #restructuring #insolvency #firmoftheyear #RTAccolades #accolades #awards #legal #law #Singapore #southeastasia #asia #RajahTannAsia #RTA #LawyersWhoKnowAsia #LWKA

Directors must act in the best interests of the company. But when do those interests shift from being represented by the shareholders to creditors? In BTI v Sequana the English Supreme Court made clear that the "creditor duty" can be engaged before a company enters into insolvency. Further decisions from the Singapore Court of Appeal in Foo Kian Beng v OP3 International Pte Ltd (in liquidation) [2024 SGCA 10] and the English High Court in Re BHS Group Ltd [2024] EWHC 1417 (Ch) have now provided welcome further clarity for company directors and their advisors as to: - when the creditor duty is engaged; - the two-stage test for liability; and - the role of legal advisors, when a company enters, or is at risk of entering, the zone of insolvency. Victoria King and I explore the lessons that directors and their advisors can take from this developing area of case law. #directorduties #insolvencyandrestructuring #disputeresolution

CIRP SE SAB AWARE HE ... DO YOU KNOW ABOUT PREPACKGED INSOLVENCY ... IT'S Something New That I have Been Gone through Yesterday while Scrolling through IBC Laws Let's Learn Something New Today PREPACKAGED INSOLVENCY RESOLUTION PROCESS ...... 👨⚖️👨⚖️ - It Is an Out of the Court Settlement that Streamlines CIRP by eliminating the need for multiple time consuming steps 👉 Voluntary Initiation By debtor and Mutually Agreed by Both the Parties 👉 Confidentiality During The Process 👉Less Time Consuming ⏳as Resolution is already accepted by Both The Parties before giving it to NCLT ⚖️ INTERNATIONALLY ACCEPTED AND ADOPTED BY ↗️↖️ (1) USA (2)United Kingdom (3) Singapore ⚫🔵ADVANTAGES OF PIRP ..🟠🟢 ⚫Time Efficient Resolution 🔵Early Revival of distressed entity 🟡Minimal Disruptions and Improved business Continuity 🟠 Reduction in Cost 🧾 🟢 Preserve Asset Value ✒️ ‼️‼️‼️ CHALLENGES ‼️‼️‼️ 🔴Limited Acceptability 🔴 Willingness Of Creditors 🔴 Potential Abuse 🔴 Overlapping Jurisdiction 🔴 Regulatory Framework ... #IBC #CompanyLaw #Companysecretary #Linkedin #Courtsettlement #Content #Insolvency #CS #connect #Loveforlaw

Congratulations to Lionel Tay, our Partner in the Restructuring & Insolvency and Fraud, Asset Recovery & Investigations practices, for being recognised as one of the world’s leading practitioners in the Who's Who Legal: Asset Recovery 2024 guide. Lionel has a wealth of experience in restructuring and insolvency, banking, corporate and commercial litigation, serving clients including major banking and financial institutions in Singapore, leading international accounting firms and a wide-ranging portfolio of listed companies. He has played an important role in major insolvency cases in Singapore, providing representation for creditors and strategic advice for corporate debtors. His expertise extends to high-profile, multi-jurisdictional fraud investigations, breaches of corporate governance, regulatory advisement, and the initiation of cross-border asset recovery actions. This guide spotlights the foremost asset recovery lawyers and experts globally, acknowledging their market-leading expertise in the tracing and recovering of lost, misappropriated or stolen assets. Lionel Tay: https://lnkd.in/gvBWr4Q Learn more about: Restructuring & Insolvency practice: https://lnkd.in/gjQpq_Y Fraud, Asset Recovery & Investigations practice: https://lnkd.in/gEvG_EKC #WWL #assetrecovery #assettracing #assets #marketleader #recommended #lawyer #law #legal #accolade #recognition #RTAccolade #Singapore #asia #asiapacific #RajahTannAsia #RTA #LawyersWhoKnowAsia #LWKA

“Does continuation bias exist under the Indian insolvency law?” By Gausia Shaikh (Legal Analyst, REDD Intelligence). Check out this new article published on the Singapore Global Restructuring Initiative (SGRI) Blog! #India #insolvency #IBC #reorganization #continuation #bias #debtors #creditors https://lnkd.in/dBm4APUS

Bipa implements strict penalties for companies failing to lodge Beneficial Ownership (BO) information. With deadlines looming, over 120,000 businesses must act swiftly to avoid financial repercussions. #Bipa #BeneficialOwnership #Compliance #Penalties #Business #Regulations #Namibia #Legal #BCS #SmallBusiness #Entrepreneurship #CorporateLaw #FinancialCompliance #LegalAdvice #Deadline

Last week, BSA Law, in collaboration with Ankura, was delighted to host a panel discussion on the key changes under the new UAE Bankruptcy Law.   The speakers discussed key amendments under the new UAE Bankruptcy Law and provided practitioners’ insights on the Bankruptcy process in both the #UAE and #KSA.   Thank you to all attendees for making it a successful and informative event!   #BankruptcyLaw #LegalUpdates #restructuring #UAElaw #KSAlaw